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Largest-ever property deal worth $1.013 billion

Largest-ever property deal worth $1.013 billion

David Inglis Minter Ellison

A Singapore-based real estate investment company acquired 26 logistics properties in the largest-ever industrial property deal in Australia.

Firms: Minter Ellison and Allen & Gledhill LLP (Ascendas Real Estate Investment Trust); Allens Linklaters (GIC and Frasers Property Australia Pty Limited)

Deal: Ascendas Real Estate acquired a portfolio of 26 logistics properties across Australia from Singapore's sovereign wealth fund, GIC, and Frasers Property Australia Pty Limited.

Value: $1.013 billion

Area: M&A

Key players: David Inglis led the Minter Ellison team and was joined by partners Anthony Poynton, Alberto Colla, Tony Dhar, Adrian Varrasso and John Riley, as well as special counsel David Moore.

Deal significance: Ascendas' acquisition of 26 properties from Singapore's sovereign wealth fund, GIC, and Frasers Property Australia Pty Limited worth a total of $1.013 billion is the largest-ever industrial property deal in Australia and the second-largest industrial in the Asia-Pacific region.

The portfolio of 26 properties comprises sites predominantly located in Sydney, Melbourne and Brisbane. More than 80 per cent of the portfolio is leased to blue-chip tenants such as Coles, Toll, Kmart and Nestlé.

Ascendas is now the eighth largest industrial landlord in Australia.

Mr Inglis said: “The quality of the portfolio attracted significant competition from domestic and international property investors. Ascendas' exclusive period of negotiation with the vendors was conducted on an extremely tight timetable. This, together with the complexity of the transaction, required seamless coordination and collaboration between our Australian team and Allen & Gledhill LLP, Ascendas' legal adviser in Singapore.”

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